RBI lets everybody down

The decision by the Reserve Bank of India (RBI) to leave interest rates unchanged has denied the Indian economy a chance to reverse gear and get out of the downward slide in its growth rate. This is unfortunate because there is nothing so wrong with the economy (still one of the fastest-growing economies in the world) that cannot be tweaked and set right, or that can justify its transformation from being a proud member of the Bric community – since the term was coined – to being in danger of becoming the first member to face a downgrade to junk or non-investment grade.

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